The Anderson intelligencer. [volume] (Anderson Court House, S.C.) 1860-1914, 1887-03-10
MAD SPECULATION IN LAND.
,w the Tide has Risen in Birmingham
fE.on, the Me,u York Times.) J

If there is any distinction in having been
shaved by barber worth quarter Of a
million dollars, I can claim it. He is a
black man, is this barber; he used to be
slave. Napoleon Abercrombie, that
is his name, and he lives and shaves
down in Montgomery. Birmingham real
estate has made him his riches. Along
with another tonsorial artist of the Ala
bama State capital he "homesteaded"
some of the acres on the mountains close
beside Birmingham, just before the land.
speculating craze got under way here; q
superannuated brother was given cabin
and put in charge, while the owners
themselves went on barberipg the good
natured Montgomeryites. Two or three
hundred dollars was the amount that the
partners invested. Five or six years ago
they were offered $1,000 apiece for their
interest. A year later the offer rose to
$4,000, and chat was doubled a month
or two after, and so on upward rose the
figures till about twelve months ago
S15O,0OO cash was put at their disposal
if they would consent to hand over their
land titles. Last July the s15O,000 rose
to 100000, by Thanksgiving it was
$500. 0.O00,s and Christmas brought along
the rounded figure of 100000. Now
$5OO,OOO is offered for the track. They
still decline every proposition and talk
calmly of the "million" that is sure to be
offered before next summer appears. It
is justice to say that the rare fortune has
not yet made the gentlemen proud; my
barber accepted. his dime gratuity when
I bade him good.day with about the
same amiability that shows itself in the
New York saloon where the razor
wielder is seldom the possessor of ESQ
cents instead of $250,0OO.
This case is q fair illustration of the
way in which land has been sent kiting
away up above the clouds, and the way
which, at the same time, colossal fortunes
have been piled up in this town. "The
Magic City" is what the native loves to
call Birmingham; it does not require the
recitation of many instances to show how
thoroughly the appellation is deserved.
Aud a few of those instances I want to
give. In the business part of the city
are two lots so feet wide. There is no
special reason apparent to make them
exceptionally valuable. Some of the
principal business houses are within
sight. There sjust one building on the
entire block where they are situated. A
half dozen years ago these lots sold for
$50 apiece. Then with the tide of spec.
lation they began to rise rapidly. The
man who paid $50 each for them sold to
another purchaser for 5000, and little
later was glad to buy them back at $40 a
front foot, equal to $500 for the two.
-He made another trade and got 800
foot, and then bought once more at $3.50
a front foot; next he sold at $3.50,
rebought at $500, sold again at $500,
bought again at 5000, resold at $1,000,
and now is afraid that be cannot get the
same thing back again alta new offer of
$1,25O a front foot. He says he knows
where he can turn the property over just
as soon as he gets it for 81 500 per front
foot or $4,000 for so feet of real estate
that he originally paid sl2O for. Such
whirls in market value are dazzling,
incomprehensible-yet for all that they
are facts that stare one in the face at
every turn here. It is needless to
inquire the basis for it, the reason for it,
the sense oft. Enough for every local
mind it is to see that the fact is. No.
where is it polite to look the gift horse
in the mouth; here the simplest gloss of
inquiry is rated treason, heresy the crime
of all crimes rankest. It has been shown
in this correspondence plainly enough, I
think, that there is nowhere here any
substantial warranty for the real estate
values that obtain; it is bootless, how.
ever, to elaborate on this now. Birming-
hams rare mineral wealth and her iron.
making advantages are indisputable; (;
but there is yet an abundance of land
available in the very heart of the city !;
not half-not fourth even-of the town
territory is built upon or seems likely
soon to be built upon; homes should be
cheap, but-but they are not, and all the
logic in the world cannot just yet avail
to make them so. Wherefore, all
regardless of the sense or the nonsense of
it, let us consider the condition as it is.
An elderly Baltimore man, named
Richardson, happening to pass through
Alabama, six or eight years ago, invested
$3.50 in a little strip of land, an acre or
so, close beside Birmingham. Soon after
he died, leaving a widow with one
daughter and no abundance of this
worlds goods; yet even in this circum-
stance they did not deem the bit of
Alabama land as worth attention. A
fortnight ago, though, lawyer hunted
them up, with the information that they
could sell out their Birmingham interest
for $4,000. Mother and daughter are
here now /; since they arrived $4,000
has been added to their property's mar.
ket value. I believe, however, they are
waiting to see the sum grow to 100000,
and local adversities assure them that
they won't have long to wait.
A Selma citizen got entangled in his
business affairs couple of years ago and
came to Birmingham, leaving 8 Selma
bank in the lurch for $500. Little by
little he began to get an interest in Bir.
mingham real estate, and one day, a